A report released by MNI Indicators on Friday unexpectedly showed a significant acceleration in the pace of growth in Chicago-area business activity in the month of September.
MNI Indicators said its Chicago business barometer jumped to 65.2 in September from 58.9 in August, with a reading above 50 indicating growth.
The substantial increase by the business barometer came as a surprise to economists, who had expected the index to edge down to 58.5.
The unexpected spike by the business barometer came amid notable increases by the order backlogs index, the new orders index, and the employment index.
Higher commodity prices and adverse weather conditions also drove the prices paid index to its highest level since July of 2011.
"The strong outturn in September means that on a quarterly basis business activity was broadly unchanged from an already impressive Q2," said Jamie Satchi, Economist at MNI Indicators
Satchi added, "Looking forward, firms are on record expecting a busy Q4 despite disruptions caused by the recent storms, with just a handful expecting delivery times to lengthen between October through December."
MNI Indicators said less than forty percent of businesses expect increased delivery times over the fourth quarter as a result of recent hurricanes.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Forex News
